Wedbush Lowers Alight (NYSE:ALIT) Price Target to $9.00

Alight (NYSE:ALIT) had its target price lowered by Wedbush from $11.00 to $9.00 in a report published on Friday morning,Benzinga reports. Wedbush currently has an outperform rating on the stock.

ALIT has been the subject of a number of other reports. DA Davidson reissued a “buy” rating and set a $10.00 target price on shares of Alight in a research note on Wednesday, March 26th. Needham & Company LLC reiterated a “buy” rating and issued a $9.00 price objective on shares of Alight in a research report on Monday, March 24th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Alight presently has an average rating of “Moderate Buy” and a consensus target price of $9.94.

Alight Stock Down 0.5%

Shares of Alight stock opened at $5.58 on Friday. The company has a market cap of $3.03 billion, a P/E ratio of -18.60 and a beta of 0.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.30 and a current ratio of 1.30. Alight has a one year low of $4.49 and a one year high of $8.93. The firm has a fifty day moving average of $5.54 and a two-hundred day moving average of $6.55.

Alight (NYSE:ALIT) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The firm had revenue of $548.00 million for the quarter, compared to analyst estimates of $542.66 million. Alight had a positive return on equity of 5.42% and a negative net margin of 5.53%. The company’s revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.13 earnings per share. On average, analysts forecast that Alight will post 0.54 earnings per share for the current year.

Alight Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend is Monday, June 2nd. Alight’s dividend payout ratio is currently -114.29%.

Insider Activity at Alight

In other Alight news, Director Richard N. Massey bought 100,000 shares of the company’s stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $6.39 per share, for a total transaction of $639,000.00. Following the acquisition, the director now owns 1,573,489 shares of the company’s stock, valued at $10,054,594.71. The trade was a 6.79% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert A. Schriesheim purchased 22,092 shares of Alight stock in a transaction on Monday, March 3rd. The stock was acquired at an average cost of $6.79 per share, for a total transaction of $150,004.68. Following the acquisition, the director now directly owns 22,092 shares of the company’s stock, valued at approximately $150,004.68. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 125,092 shares of company stock valued at $807,755 in the last ninety days. Corporate insiders own 5.33% of the company’s stock.

Institutional Investors Weigh In On Alight

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC raised its holdings in shares of Alight by 148.2% in the third quarter. Barclays PLC now owns 815,841 shares of the company’s stock worth $6,037,000 after acquiring an additional 487,185 shares during the last quarter. JPMorgan Chase & Co. increased its position in Alight by 202.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,864,038 shares of the company’s stock worth $13,794,000 after purchasing an additional 1,248,465 shares in the last quarter. Blue Trust Inc. raised its stake in Alight by 107.6% in the 4th quarter. Blue Trust Inc. now owns 3,336 shares of the company’s stock valued at $25,000 after purchasing an additional 1,729 shares during the last quarter. KBC Group NV lifted its holdings in Alight by 89.2% in the 4th quarter. KBC Group NV now owns 22,802 shares of the company’s stock valued at $158,000 after purchasing an additional 10,753 shares in the last quarter. Finally, Heck Capital Advisors LLC acquired a new stake in shares of Alight during the 4th quarter worth about $893,000. Hedge funds and other institutional investors own 96.74% of the company’s stock.

Alight Company Profile

Alight, Inc provides cloud-based integrated digital human capital and business solutions worldwide. The company operates through two segments, Employer Solutions and Professional Services. The Employer Solutions segment offers employee wellbeing, integrated benefits administration, healthcare navigation, financial wellbeing, leave of absence management, retiree healthcare and payroll; and operates AI-led capabilities software.